Heather Miller, our new tax consultant, has been published this week in Taxation magazine – click here to read her article on partnerships and basis periods.
The article discusses a medical practice and the admission of new partners; in particular, overlap profits, opening year rules, and the amount of profits taxed on each partner in each tax year. Although the scenario involves a health centre, it could easily be applied to any business operating through a partnership or limited liability partnership.
Are you about to make the transition from employee/sole trader to partner? Call us to discuss how this will affect your tax position going forward.